Your boss gives you an increase in the number of dollars you earn per hour. This increase in pay makes
a. your nominal wage increase. If your nominal wage rose by a greater percentage than the price level, then your real wage also increased.
b. your nominal wage increase. If your nominal wage rose by a greater percentage than the price level, then your real wage decreased.
c. your real wage increase. If your real wage rose by a greater percentage than the price level, then your nominal wage also increased.
d. your real wage decrease. If your real wage rose by a greater percentage than the price level, then your nominal wage decreased.
A
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Refer to Table 2-6. What is James's opportunity cost of making a wagon?
A) 3/4 of a wagon B) 1/2 of a wagon C) 2 tricycles D) 1/2 of a tricycle
The ability of capital deepening by itself to generate sustained economic growth is limited because of the law of diminishing marginal returns
a. True b. False Indicate whether the statement is true or false
Real GDP refers to:
a) the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income. b) GDP data that embody changes in the price level, but not changes in physical output. c) GDP data that reflect changes in both physical output and the price level. d) GDP data that have been adjusted for changes in the price level.
In the table at? right, how many workers are employed when marginal product reaches its? maximum?
A. 1
B. 3
C. 4
D. 2